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KUALA LUMPUR: The hearing for a forfeiture lawsuit linked to 1Malaysia Development Bhd (1MDB) involving US $ 340.26 thousand (RM1.42bil) filed by the government against PetroSaudi International (PSI) and its subsidiary PetroSaudi Oil Services (PSOS-VZ) it has been postponed to a later date.
The Deputy Clerk of the High Court, Mahyudin Mohmad Som, told reporters on Tuesday (November 10) that PSOS-VZ had written to the court to request a postponement.
He said that the request was made due to the situation of the pandemic, as well as the parties that require more time for settlement negotiations.
“The prosecution did not object, and the parties have confirmed that the interim order to freeze the movement of funds remains binding and effective,” Mahyudin said on Tuesday.
The hearing on the forfeiture lawsuit was initially scheduled for today (November 10).
In light of the issues that arose, the court allowed the postponement until a date yet to be confirmed.
Mahyudin said that case management had been set for December 14.
On July 16, Judge Nazlan allowed the government’s request for a provisional order to prevent the oil production and services company PSI and its director Tarek Obaid from transferring the funds in question to other entities until the disposition of the main forfeiture request. .
On July 10, the government filed the main application seeking a prohibition order to restrict any transaction of the money in the amount of US $ 340,258,246.87 (RM1,426,192,441.76), which is said to be linked to 1MDB.
It named Tarek Obaid, PSI, PSOS-VZ, Clyde & Co LLP, and Temple Fiduciary Services Ltd as the first, second, third, fourth, and fifth respondents, respectively.
The request sought to prohibit a total of US $ 340,258,246.87 deposited into a client’s account at the law firm Clyde & Co LLP, as well as an unspecified amount of money deposited into an intermediate Temple Fiduciary Services account name at Barclays Bank.
Both the specified and unspecified money belonged to PSOS-VZ, which was wholly owned by Tarek through PSI.
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